‘Every effort’ must be made to secure Ulster Bank

The Government is being urged to ensure “every effort” is made to keep the network of Ulster Bank branches open in the Border region.

The suggested proposal, tabled on foot of a motion by Fianna Fáil’s John Paul Feeley at the recent monthly meeting of elected members, could see Ulster Bank team up with smaller banking brands such as Permanent TSB to maintain viability. He made the comments in the wake of fears Ulster Bank’s parent, NatWest, known until recently as Royal Bank of Scotland (RBS), may pull the plug on its Irish operation. Ulster Bank required a significant bailout from NatWest/RBS after the financial crisis and the latest news has been unsettling for the bank’s hundreds of thousands of customers in the Republic, as well as its estimated 2,500 staff.

Ulster Bank currently has branches in Cavan Town, Ballyconnell and Ballyjamesduff. In recent years, it closed premises in Belturbet, Killeshandra, Kilnaleck and Arvagh.

Cllr Feeley suggested it would be less than desirable to see a duopoly arise between the two remaining major banking players - AIB and Bank of Ireland - should Ulster Bank pull out of the market. “It’s a worrying time for the towns where Ulster banks remain,” said Cllr Feeley, who stated that the loss of a branch can have a dramatic detrimental impact on footfall in an area. His motion was supported by Fine Gael’s Peter McVitty and TP O’Reilly.

It was also supported by Sinn Féin’s Paddy McDonald who said that his party colleague Pauline Tully TD had raised the matter in the Dáil.

Independent Cllr Brendan Fay said that Belturbet had suffered badly since the loss of its bank branch.

Sean Smith (FF) stated it would be a “sad day” if Ulster Bank were to close all of its branches and the branding lost from the region for good.